Recommendation to: (1) Direct Planning Board to Provide Advisory Recommendation on SunCal Modified Optional Entitlement Application at June 21, 2010 Meeting, and (2) Set Public Hearing for Decision on SunCal Modified Optional Entitlement Application and/or Extension of the Exclusive Negotiation Agreement from Governing Bodies of Alameda by July 20, 2010. [City Council, ARRA, CIC] (City Manager)

[Lengthy and detailed memo regarding the financial viability of SunCal's Optional Entitlement Application.]

Includes discussion of the following:
Project Economics
Financing Capacity and Risk of Foreclosure and Bankruptcy
Economic Development Strategy
Housing Needs

Also includes the following exhibits:
1. April 13 , 2010 Letter From SunCal to Alameda regarding Project Description
2. April 26, 2010 SunCal Density Bonus Option Project Proforma
3. May 18 , 2010 Letter from SunCal to Alameda regarding Density Bonus Option
4. May 19 , 2010 Letter from Alameda to SunCal regarding Incompleteness of
SunCal Modified OEA
5. April 20 , 2010 Letter from Alameda to SunCal regarding Concerns with Modified
OEA
6. May 10 , 2010 Planning Board Meeting Minutes
7. May 24 2010 Final Report Alameda Point Pro Forma Market Review prepared
by EPS